GAFISA S.A.

CNPJ/MF n° 01.545.826/0001-07 NIRE 35.300.147.952

Publicly-Held Company CONSTRUTORA TENDA S.A.

CNPJ/MF n° 71.476.527/0001-75 NIRE 35.300.348.206

Publicly-Held Company MATERIAL FACT

GAFISA S.A. (Bovespa, GFSA3; NYSE, GFA) ("Gafisa") and CONSTRUTORA TENDA

S.A. ("Tenda", and together with Gafisa, the "Companies") released a Material Fact to the market on 08/16/2016, informing that "in keeping with studies for a potential separation of the Gafisa and Tenda business units into two independent publicly traded Companies, the Companies' management continue to work on its analysis of strategic alternatives for the Tenda business unit, with the aim of maximizing its value to Gafisa's shareholders". In virtue of news released by the media, the Companies hereby provide an update of the process.

The Companies have been maintaining contact with financial institutions, which the hiring was approved by Gafisa's Board of Directors, regarding the opportunity of a public offering of shares issued by Tenda. Despite that, it is premature any consideration regarding structure, volume or term of any eventual offering.

There is no final decision regarding the public offering or regarding any other option previously mentioned in the Material Fact of 08/16/2016 (sale of equity interest or separation by way of a corporate restructuring).

The Company will keep the market informed of any new facts or resolutions regarding this matter, respected any restrictions as set forth in CVM's regulation.

São Paulo, September 26, 2016.

Gafisa S.A.

André Bergstein Financial and Investor Relations

Executive Officer

Construtora Tenda S.A.

Felipe David Cohen Financial and Investor Relations

Executive Officer

In compliance to CVM Instruction No. 358/2002, as amended, and the Conduct Manual Disclosure and Use of Information and Securities Trading Policy Issued by Gafisa S.A., the release of this Material Fact will be on the following websites: www.cvm.gov.br, www.gafisa.com.br/ri and http://economia.estadao.com.br/fatos-relevantes/.

Gafisa SA published this content on 26 September 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 September 2016 17:15:09 UTC.

Original documenthttp://ri.gafisa.com.br/files/doc_downloads/fatos/160926.Fato-Relevante-Gate-IPO-v2-(ingles).pdf

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